Aviva offloads Friends Provident International to wealth group

Aviva has sold its lossmaking Friends Provident International unit for £340m to RL360, a specialist in offshore wealth management. The bulk of Friends Life has already been integrated into Aviva. The move is the latest in a string of disposals by Aviva as it looks to narrow its focus on a small number of core markets. Chris Wei, executive chairman of Aviva Asia, said the disposal was "a good outcome for Aviva". Aviva is due to report its first-half results next month.